Health savings accounts (HSAs) are an extremely valuable benefit. But, as plan sponsors and benefits brokers know, HSAs tend to be underutilized because employees often don’t understand the different ways to use them.
A health reimbursement account (HRA) is the one health benefit plan that belongs to you, the employer. You fund it, and you determine which expenses will be eligible and what the reimbursement limits should be. Plus, you can claim a tax deduction for the reimbursements you make. Explore the...
Stand out as an employer of choice by offering a benefit plan that meets employees' unique needs: a lifestyle spending account (LSA). Your employees will recognize and respond to your support for their physical, mental, and financial well-being. An LSA offers an appealing suite of products and...
Uncashed retirement plan distribution checks pose a significant challenge for plan sponsors. Generally, uncashed retirement distribution checks occur when plan participants forget about their retirement account balances with former employers. Many plan sponsors arrange for that money to be...
The financial wellness of your employees directly impacts your company’s performance. Worrying about finances damages employees’ productivity, reduces their engagement at work, and pushes them to look elsewhere for employment. An emergency savings fund is uniquely positioned to help combat these...
For employers, having their staff back in-house isn’t just about reclaiming a physical space; it’s about connection, collaboration, and culture. But returning to the office is not so straightforward for everyone. There are logistics to consider, such as commuting, scheduling, and childcare....
Maximize the value of your automatic rollover provision and avoid small-balance issues. If your retirement plan is rolling over only accounts between $1,000 and $7,000, consider including accounts below $1,000 to prevent the burden of uncashed distribution checks.
HSAs provide a triple tax advantage and help employees plan for the future while also saving employers money. And education is one of the keys to unlocking an employee’s potential to save for health care costs with an HSA. Get a better understanding of how HSAs work so that you can inform your...
Mandatory, small-balance plan distribution checks can go uncashed by former employees. These
uncashed checks may present financial and administrative problems for plan sponsors. It’s time to eliminate the problem: Roll over IRA-eligible small-balance retirement funds with Inspira Financial. Let...
Because of voluntary and involuntary employee terminations, many retirement plans have a number of small-balance accounts left behind by former employees. Consequently, an automatic rollover IRA program makes sense. But implementing an effective automatic rollover program requires selecting the...
When it comes to choosing a health savings account (HSA) provider, there are many options to choose from. Get a better understanding of what to look for and what to avoid in HSA providers: Read our article and get valuable insight into which HSA provider is right for your company and your...
When it comes to their health insurance, most people believe that certain factors are important. Among them are low out-of-pocket costs, low insurance premiums, and prescription drug coverage. This article details what the other factors are and how you can best determine what to offer to your...
Automatic rollover IRAs help keep retirement savings in the retirement system. If you have former employees' small-balance accounts in your retirement plan, find out how to remove them in a way that still benefits ex-employees.
Many organizations are looking for new and creative ways, besides traditional benefits, to meet their staffs’ needs. One of the biggest needs of employees is childcare. Dependent care flexible spending accounts help with childcare costs and other dependent care expenses, attract a diverse...
Work with Inspira Financial’s search services to find missing or non-responsive former
employees to reduce your risk and workload. With six search techniques, we’ll work with you to identify the best way to find your missing participants. When people are reunited with their retirement savings,...
In the modern workforce, employers are often challenged with not only attracting top talent but also ensuring the well-being of their existing workforce and retaining employees. And an oft-overlooked aspect of employee retention strategies is the impact of inflation on benefits.
In this first-of-its-kind study, we examine the intersection of individuals who own both a health savings account (HSA) and a limited purpose flexible spending account (LPFSA). Employee Benefit Research Institute (EBRI)’s HSA and FSA databases contain information on nearly 300,000 accountholders...
Get comprehensive health and benefits solutions — with expertise at every touchpoint — thanks to Inspira’s experienced support teams and adaptable technology.
When mandatory distribution checks to retirement plan participants go uncashed, they can create problems for plan sponsors. Find out why automatic rollover IRAs could be the best solution.
Despite their certainty, medical expenses are too often a footnote in financial planning. Health savings accounts are a powerful tax-advantaged tool to help people reach their vision for tomorrow while spending wisely today. As an employer, you can provide this simple, valuable benefit while...
When employees don’t have to worry about unexpected expenses, they can focus more on work and life. Your employees want emergency savings funds. We make setting them up simple: Learn the difference between the two types of emergency savings plans and figure out which one is best for you and your...
A recent Inspira Financial survey confirmed that employees are nervous about their financial health. This financial stress can have a profound effect on employee productivity, engagement, and retention. Consequently, employees are beginning to expect more financial well-being support from their...
Our extensive solutions can help you create a package as unique as the people who work for you. Choose programs, perks, and offerings that give your best to the people and businesses you support. We can help you find the retirement and wealth solutions you need now and in the future.
Missing or non-responsive participants can add to a retirement plan sponsor’s workload and may increase compliance risk. As a plan sponsor, you may be spending a lot of time on your former employees instead of helping your current employees thrive. Automatic rollover IRAs are a great way for...
Saving enough for retirement can be a challenge for employees. This challenge is compounded by the fact that health care costs in retirement can be considerable. Not only does Medicare not cover health care expenses in retirement in full, but employers have been cutting back on retiree health...
The health, wealth, and wellness triangle has emerged as a framework that acknowledges the interconnectivity of personal health, financial stability, and overall wellness. At the heart of this triangle are health savings accounts, offering a unique opportunity for employers to support their...
Read how despite its swift collapse, a large regional bank was able to provide a bridge for its 401(k) plan participants while reducing its workload, paperwork, and fiduciary liability.
In an ever-changing environment, you need more sustainable retirement plan outcomes. Improving retirement plan efficiencies with automatic rollover solutions and plan termination services can reduce worries, paperwork, and liability in the long run. Implementing these strategies could have a...
The current job market is competitive — for employers and job seekers alike. As an employer, you want to be an organization that job seekers want to be a part of. Creating an environment where all employees feel a sense of purpose and belonging is an important part of this. But you can take your...
Closing out a retirement plan involves finding missing, non-responsive, or deceased accountholders; making required minimum distributions; filing tax documents; and resolving uncashed checks. It’s a daunting task. Read how a large retailer simplified the process.
There are a number of tasks involved with terminating a retirement plan, making it a time-consuming and challenging process. Find out the steps involved and consider whether outsourcing some of these tasks might be right for you.
American workers are experiencing a challenging macroeconomic environment that is depleting their savings. The consequence of this is impacting employers: financial stress impacts employee productivity, reduces overall employee engagement at work, and pushes employees to search for other...
For employers, having their team in the office isn’t just about reclaiming a physical space; it’s about connection, collaboration, and culture. But getting employees to come to the office is no longer straightforward. There are logistics to consider, such as commuting, scheduling, and childcare....
Successful employees are the engine that powers a successful business. It thus makes sense for employers to offer support and resources to enable employees to do their best work. This means proactively supporting mental health and well-being. Read our blog so that you can offer the right...
Keeping in contact with plan participants who are no longer employees can be a challenge. But missing participants can also pose fiduciary risks. Plus, they may lose track of their savings. That’s where we come in. No matter the size of your plan, Inspira Financial’s search services solution can...
At the beginning of the year, the recommended maximum balance threshold for 401(k)s and similar plans increased to $7,000. Determine whether you should amend your retirement plan documents to increase the threshold for automatic rollovers, which can help clean up your retirement plan and set you...
Although it’s not mandatory for qualified retirement plans to have a cash-out provision, many do to help reduce potential fiduciary responsibility and plan costs of managing small-balance accounts of former employees. However, this can lead to uncashed retirement plan distribution checks, which...
Our extensive solutions can help you create a package as unique as the people who work for you. Choose programs, perks, and offerings that give your best to the people and businesses you support. We can help you find the retirement and wealth solutions you need now and in the future.
An employee who wants to adopt faces a lot of hurdles, and an adoption assistance plan can help reduce the stress of a financial barrier. Providing this compassionate support for employees can also help with talent recruitment and retention.
Help your employees create a family: Learn how to...
Our suite of flexible spending account (FSA) products is designed to provide true flexibility for you and your employees: A health care FSA can provide reimbursement for eligible health care expenses. The limited-purpose FSA is for specific vision and dental expenses. And the dependent care FSA...
Stand out as an employer of choice by offering a benefit plan that meets your employees' unique needs. Help support their well-being — and create a healthier, more productive workplace — by offering a post-tax lifestyle spending account. Your employees will appreciate your support for their...
A commuter benefit plan supports your employees’ return to the workplace by providing an incentive for them to commute. It’s a great way to reduce your company’s carbon footprint and helps attract and retain top talent. In addition, a commuter benefit plan empowers your employees to allocate...
Financial stress spills over into the workplace, impacting employee productivity. Increase productivity by decreasing the mental and physical time employees spend on financial emergencies with an emergency savings fund (ESF). An ESF can help employees maintain focus in the workplace and preserve...
An employer that offers tuition assistance can expect a return on its investment — resulting in more engaged, motivated, and loyal employees. A higher level of job satisfaction may lead to better talent retention with lower turnover and onboarding costs. And you’ll establish an embedded,...
COBRA can be a complex program to administer. A direct billing solution can simplify the management of premiums and other payments — for those receiving benefits but no longer on payroll — by producing individual member bills and sending eligibility status and funds to carriers and plan sponsors.
Work with Inspira Financial’s participant search services to find missing or unresponsive former
employees to reduce your risk – and workload. When people are reunited with their retirement savings, they can build a more secure financial future.
Determine if you need to amend your retirement plan documents under the latest automatic rollover provisions from the SECURE 2.0 Act: The threshold for employers to cash out former employees’ retirement accounts has increased from $5,000 to $7,000. Inspira Financial can help set you up for...
True retirement readiness includes planning for health and wellness.
It’s nice to imagine a vibrant life in retirement after decades spent building a career. Everyone wants to save wisely, maximize employer contributions, and avoid dipping into retirement funds for non-retirement needs. But...
Retirement plans may need to be terminated after mergers, acquisitions, or business closures. Inspira Financial can reduce your workload, assist with regulatory compliance, and help smoothly complete the process — creating better outcomes for both you and your employees.
Target the right HRA for your business. An HRA is the one health benefit plan that belongs to the employer. You fund it. You decide how much to fund, which expenses will be eligible, and what the reimbursement limits will be. And you can claim a tax deduction for the reimbursements you make.
A health savings account (HSA) can help your employees save and pay for eligible health care expenses while your business earns income tax deductions on the funds you contribute. When you offer an Inspira Financial HSA, everyone wins.
Millennium Trust Company and PayFlex have rebranded as Inspira Financial. The new brand marks a significant milestone in the companies’ evolution into a comprehensive health, wealth, retirement, and benefits solutions provider.
What if you could help employees balance their near-term ability to pay for health care with the
desire to have more control over their future well-being journeys? Employers can start with products that help employees maximize their tax savings, like flexible spending accounts (FSAs) and health...
At Millennium Trust, we've been providing solutions for the retirement services industry since 2005. If you're curious about what we do check out these quick stats and learn more.
As an important reminder, Millennium Trust and PayFlex are becoming Inspira Financial in early 2024. As Inspira Financial, we are your health, wealth, retirement, and benefits provider, relentlessly pursuing better outcomes for all.
Mandatory, small-balance plan distribution checks can go uncashed by former employees. These uncashed checks may present distracting financial and administrative problems for plan sponsors. It’s time to minimize the noise — roll over IRA-eligible uncashed checks with Millennium Trust. Let us...
Direct Bill makes it easy to pay for insurance premiums. It’s usually for retirees, employees out on disability and those taking a leave of absence. The direct billing platform offers flexibility with bi-weekly, monthly or quarterly billing. The PayFlex system produces individual member bills...
If your retirement plan is only automatically rolling over accounts between $1,000 and $5,000, you may want to consider expanding your rollover provision below $1,000 to prevent more uncashed distribution checks.
Our dedicated resources and flexible solutions help you take care of past employees while reducing plan expenses in three steps. Our automatic rollover solution really is that easy.
Mergers, acquisitions, or business closures may result in terminated retirement plans.
Working with Millennium Trust can reduce your workload, assist with regulatory
compliance, and smoothly complete the plan termination process — creating better
outcomes for both you and your employees.
When unexpected expenses emerge, people worry how they’re going to pay for them. Financial stress impacts your employees’ wellbeing, productivity, and retention. And their interest in financial health has dramatically increased. We can help your employees attain it with our emergency savings fund.
Most people are looking to stretch their paychecks a little further. And now you can offer a benefit that helps your employees do just that. The commuter benefit can help employees lower their monthly commuting costs, lower your company’s payroll taxes, and promote environmentally conscious...
Millennium Trust works with employers to promote active retirement saving. While more Americans are saving for retirement, the number of people actively managing their retirement accounts remains low. This can cause problems, but we're here to help.
Millennium Trust’s multi-step participant search services can assist you in finding your missing or
non-responsive accountholders so you can connect former employees with their retirement funds.
There’s no one-size-fits-all solution when it comes to helping your employees plan, save, and pay for their health care expenses. It’s all about exploring and discovering the best savings options for your organization’s unique needs. The PayFlex® flexible spending account (FSA) product suite is...
Big changes are coming with SECURE 2.0. Millennium Trust can help you move forward with confidence. The threshold for employers to cash-out former employees’ retirement accounts will increase from $5,000 to $7,000. Taking the necessary steps today can set you up for success in 2024 and beyond.
PayFlex makes it easy for employees to navigate the process of enrolling in COBRA and making premium payments. It all takes place through the PayFlex website or the PayFlex Mobile app, which feature a high-touch experience that combines website technology, email and virtual chat for holistic...
Mergers, acquisitions, or business closures may result in terminated retirement plans. Working with Millennium Trust can reduce your workload, assist with regulatory compliance, and smoothly complete the plan termination process — creating better outcomes for both you and your employees.
When plan participants leave balances behind, it can cause serious complications for administrators. Leverage Millennium Trust's comprehensive search procedure to find missing participants and reunite them with their retirement assets.
You can reduce your employees' taxable income and increase their take-home pay with an HSA plan. Enrolling with an HSA can help your employees start saving money on eligible health care expenses for themselves, their spouse, and their tax dependents.
Designed to comply with DOL’s Safe Harbor Regulations, an automatic rollover IRA is efficient and client friendly. Millennium Trust’s solution will actively engage and empower individuals on their journey toward retirement.
Let our industry experts help boost benefit adoption and financial wellness through a full-service portfolio, timely communications and engaging employee experiences.
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